Bill Sponsor
House Bill 7863
116th Congress(2019-2020)
Paying a Fair Share Act of 2019
Introduced
Introduced
Introduced in House on Jul 30, 2020
Overview
Text
Introduced
Jul 30, 2020
Latest Action
Jul 30, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7863
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
Rhode Island
Democrat
California
Democrat
District of Columbia
Democrat
Maryland
Democrat
Rhode Island
Democrat
Wisconsin
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Paying a Fair Share Act of 2019

This bill requires an individual taxpayer whose adjusted gross income exceeds $1 million (high-income taxpayer) to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). The amount of the tax is the excess (if any) of the tentative fair share tax over the excess of (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits.

The bill provides for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2020.

The bill also expresses the sense of the House of Representatives that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.

Text (1)
July 30, 2020
Actions (3)
07/30/2020
Referred to the Subcommittee on Select Revenue Measures.
07/30/2020
Referred to the House Committee on Ways and Means.
07/30/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:47 PM